Tennessee Sports Betting Setting New Records
Tennessee took the sports betting industry by storm in November 2020, shattering records for the best first month by a market.
The momentum has not stopped since that time, and 2021 is already off to a record-setting pace for the state.
The total sports betting handle in Tennessee for the month of January was $211 million, a 16 percent increase from December. Tennessee ended the year with just over $180 million in wagers, and it was clear that bigger things were coming.
With the $211 million in sports betting handle, Tennessee became the fastest state to go over the $200 million mark, and $300 million is a realistic possibility in February or March. There are no retail betting options in the Volunteer State, and currently just four online sportsbooks.
This also means that Tennessee sports betting has already gone over the $500 million mark in total wagers since launching in November. All signs point to the Volunteer State becoming the fastest market to hit the $1 billion target.
There is a 10 percent hold rate in Tennessee, which allowed the state to bring in $21.1 million in tax revenue. Impressively, this was an increase of nearly 57 percent from the $13.8 million that was brought in during December.
Launching in the month of November meant that sports bettors were flocking to the sportsbooks to bet on the National Football League. That is a trend that has not stopped since that first month, and over 60 percent of all wagers were placed on football in January.
Now that football is over for the next few months, basketball is expected to dominate the market. Things will really heat up in March when the 2021 NCAA Men’s Basketball Tournament kicks off.
DraftKings and FanDuel continue to lead the way in the state of Tennessee, as is the case throughout the United States. Action 24/7 has struggled to remain competitive in the market despite being a local sportsbook.
The Tennessee Education Lottery continues to look to make some changes to the sports betting rules, but changes aren’t needed to increase the amount of action.
More Operators Set to Launch
There are still just four online sportsbook options in the state of Tennessee, but that is expected to change in the coming weeks. There are still several sports betting licenses available, and some companies that have already received a license are getting things in place to launch.
WynnBET and William Hill have both been approved for a conditional sports betting license, but they are waiting on final approval. The Tennessee Education Lottery has confirmed the status of both sportsbooks, but an official launch date has not yet been announced.
The addition of two new sportsbooks in Tennessee will require the current options to increase the bonus and promotional opportunities to stay on top of the market. This should be a huge win for sports bettors and will allow the state to continue to post new records for handle and revenue.
Check back for more TN sports betting news and the latest sports news in The Volunteer State.
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